NScale Inc. announced its initial public offering of ordinary shares, set to trade on the New York Stock Exchange under the symbol 'NSCL'. The company reported revenues of $140.6 million for the six months ended June 30, 2026, a sharp rise from $10.4 million in the same period of FY25.

Goldman Sachs, J.P. Morgan, and Morgan Stanley serve as lead bookrunners for the offering. NScale stated it does not anticipate paying any cash dividends on its ordinary shares in the foreseeable future.

Financial Performance

The company's top-line growth reflects significant expansion in its first half of fiscal 2026 compared to the prior year period.

Contract Portfolio

As of August 31, NScale disclosed a substantial contract backlog. The company held approximately $2.6 billion in active contracts and $103.4 billion in activated contracts.

What the Numbers Show

Revenue increased by approximately 12.5 times year-on-year, rising from $10.4 million to $140.6 million. This surge coincides with the company's move toward public listing, supported by a large base of active and activated contracts.

Nscale, a full-stack AI cloud platform, appointed Fidji Simo, former CEO of AGI Deployment at OpenAI, to its Board of Directors effective immediately. The London-headquartered company aims to leverage her experience in scaling consumer technology products used by billions.

Strategic Appointment

Josh Payne, Founder and Chief Executive Officer of Nscale, highlighted Simo’s product leadership capabilities. He noted that few leaders understand the system demands of products at such scale, which aligns with Nscale’s infrastructure build-out. Payne stated the board was built deliberately with individuals possessing experience in scaling platforms to the largest in the world.

Simo commented on the importance of compute access for turning AI breakthroughs into products. She emphasized that the next generation of AI infrastructure will be won by companies integrating the entire stack, from physical infrastructure to usable software. "Nscale is building exactly that," she said.

Executive Background

Simo most recently served as CEO, AGI Deployment at OpenAI, leading business and product teams responsible for bringing research to users. She continues to serve as an advisor to the company. Prior to OpenAI, she was CEO and Chair of Instacart, where she led the company to profitability and through its public listing in 2023.

Her career includes a decade at Meta as Head of the Facebook App, overseeing News Feed, Video, Groups, Marketplace, and Ads. She began her career at eBay and currently serves on the board of directors of Shopify. Simo brings more than 20 years of experience across social, commerce, and artificial intelligence sectors.

Board Composition

Simo’s appointment follows the addition of Sheryl Sandberg, Susan Decker, and Nick Clegg to the Nscale Board earlier this year. Founded in 2024, Nscale designs, builds, and operates AI data centres while delivering GPU cloud services to AI labs and enterprises. The company has campuses under development in Norway and the United States.